Bankruptcy Update: Bennigan's, Dawahare's and more

Here are some of the latest bankruptcy stories our reporters have been covering Wednesday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

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Bennigan's franchisees look to regroup
Franchisees of the bankrupt restaurant chain Bennigan's Grill & Tavern are organizing in an effort to take over at least some of the closed company-owned outlets. On Tuesday, CRG Partners Group LLC, a restructuring group, and the franchisees met in Chicago to map out a strategy for sustaining business as usual now that Bennigan's parent, S&A Restaurant Corp., is in liquidation. - Matt Miller

New Cap wins permanent protection
Liquidating New Cap Reinsurance Corp. Ltd. won the right Tuesday to permanently keep its U.S. creditors at bay nine years after filing its Section 304 petition. - Terry Brennan

Alumni Hall wins Dawahare's stores
Liquidating retailer Dawahare's of Lexington LLC went through 117 rounds of bids in $1,000 increments before Alumni Hall Stores LLC won three of its stores for $296,000. They are three of the 22 remaining Dawahare's stores that Boston-based Gordon Brothers Group LLC is selling or liquidating. Gordon Brothers is scheduled to liquidate and sell the inventory for 11 more of the stores by the end of August before completing inventory sales on the final eight by Sept. 30. - Terry Brennan

Atlantis can use DIP loan
Atlantis Plastics Inc. has been cleared to tap into a $26.5 million debtor-in-possession loan from prepetition lender GE Business Financial Services Inc. Atlantis, which makes plastic films and injection molded products, was permitted Monday to use $24 million of the DIP. A final hearing is set for Aug. 28. - Ben Fidler

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